All You Need To Know About NRI Account

Every reputed bank in India offers Non-Resident Indians many banking services, including Savings Accounts, Fixed Deposits, money transfer services, loans, investments, and insurance. They are accessible from foreign countries thanks to internet banking and various banking channels. It is convenient, efficient, and hassle-free for operation.

NRIs are not allowed to open residential Bank Accounts in India. You need to convert the resident Bank Account into an NRI Account after travelling overseas. You can send remittances to India for a range of purposes like savings, investments, financial help for loved ones, or buying property. Thus, banks offer several financial products to provide the best banking experience. Consider these types:

Non-Resident Ordinary Account

The NRO Account retains your income earned in India. It is an Indian rupee-denominated account available as Savings and Fixed Deposit Accounts. The interest earned is taxable in India according to the Income Tax Act. The repatriation limit is up to USD 1 million in a financial year. NRIs can invest in Mutual Funds and earn profit from the returns in India. Other income sources are rent, salaries, dividends, etc.

Open NRI Savings Account and benefit from easy fund management in India. You can also appoint another NRI or resident Indian to open a joint account. You only choose a resident close relative as a joint account holder on a former or survivor basis.

Non-Resident External Account

The NRE Account helps you transfer foreign earnings to India. It allows you to deposit money in a foreign currency and freely repatriate it to your resident country. Once you deposit money in a foreign currency, it gets converted into Indian rupees. Subsequently, you maintain and withdraw funds in INR.

Some key benefits of this account include tax exemption on interest and principal amount and repatriation. The amount deposited or credited in the NRI Savings Account is tax-exempt in India. The interest earned also does not attract taxes.

You quickly transfer money from your NRE Savings Account back to your country of residence or foreign earnings to the account. There are no limits on fund repatriation back to your resident country.

Foreign Currency Non-Resident Account

The FCNR Account allows you to transfer income earned overseas in any currency. It differs from the types of NRI Savings Bank Account in terms of the underlying currency denomination. Without restrictions, you can deposit funds in seven currencies: US Dollars, UK Pound, Singapore Dollar, Hong Kong Dollar, Canadian Dollar, Australian Dollar, and Swiss Franc.

How to open online?

These days, technology has enabled banks to offer customers the facility to open an NRI Savings Account online. It saves paperwork, time, frequent visits and offers unlimited access from India and abroad. Fill the form, upload the documents, and operate the account after verification.